Schedule 11 Shareholder Transactions Checker
Schedule 11 reports transactions with shareholders, officers and employees. A balance that did not move in the year is not a transaction.
Written and reviewed by Sharad Gondaliya, CPA (Ontario), CPA Ontario Membership 61040184.
Last reviewed: November 9, 2026
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A Transaction Is Movement, Not a Balance
Schedule 11 reports transactions with shareholders, officers and employees. The word doing the work is transaction: something has to have moved during the year.
That is why most dormant years have nothing for it. A shareholder loan sitting at the same figure it was a year ago is a balance, and a balance is reported where balances are reported. The shareholder loan balance checker deals with the balance itself.
Where Each One Goes
| What happened | Is it a transaction | Where it is reported |
|---|---|---|
| Money advanced to a shareholder in the year | Yes | Schedule 11 |
| A shareholder repaid part of a loan in the year | Yes | Schedule 11 |
| A benefit or payment other than salary | Yes | Schedule 11 |
| A loan balance unchanged all year | No | The GIFI schedules, as a balance |
| Salary paid through payroll | Not for this purpose | Payroll, with its own filings |
The fourth row is the one that matters on a nil return, and it is also the row that still has a consequence: a shareholder loan is one of the five things that make GIFI Schedules 100, 125 and 141 required, whichever direction the balance runs.
What a Nil Year Usually Has Here
Nothing, and that is the useful answer. A corporation that did not trade generally did not advance anything to its shareholder or take anything back, so there is no transaction to report even where a loan has sat on the books for years.
Which schedules a nil return does carry is a different list, and the guide to T2 schedules on a nil return gives it: the GIFI schedules where there is anything to report, Schedule 50 for a shareholder at 10% or more, Schedule 24 on a first return, and Schedule 8 with loss continuity. Nil T2 filing at $300.00 plus HST per tax year covers them.
A balance that sat still all year is not a transaction, and that is why most dormant years have nothing for this schedule to report.
Frequently Asked Questions
What does Schedule 11 report?
Transactions with shareholders, officers and employees. Something has to have moved during the year for it to have anything to take.
My shareholder loan has not changed in years. Does it go here?
No. A balance that did not move is not a transaction. It is reported where balances are reported, on the GIFI schedules.
I took money out of the corporation this year.
That is a transaction with a shareholder, and it is what this schedule reports.
I repaid part of my shareholder loan.
That is also a transaction. Movement in either direction counts.
Does a dormant corporation file Schedule 11?
Usually there is nothing for it to report, because nothing moved. This page asks the question rather than assuming the answer.
Is salary a transaction for this purpose?
Salary runs through payroll and carries its own filings. What this page asks about is the other dealings.
Does the loan balance matter at all then?
Yes, elsewhere. A shareholder loan is one of the five things that make GIFI Schedules 100, 125 and 141 required, whichever direction it runs.
Is this the same as Schedule 50?
No. Schedule 50 lists shareholders at 10% or more. This one is about dealings with them during the year.
Does a transaction make the year not nil?
Not by itself, and this page does not say it does. Whether the year was nil turns on whether the corporation carried on business or had income.
Which schedules does a nil return actually carry?
The GIFI schedules where there is anything to report, Schedule 50 for a shareholder at 10% or more, Schedule 24 on a first return, and Schedule 8 with loss continuity.
Nil T2 Filing, $300.00 plus HST per tax year
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